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February 25, 2026
Michigan families with Parent PLUS loans have just months to act before losing a critical repayment option.
Starting July 1, 2026, the federal One Big Beautiful Bill (OBBB) eliminates consolidation and repayment options for Parent PLUS loan borrowers. Currently, borrowers can consolidate and enroll in the only income-driven repayment plan available to parents—the Income-Contingent Repayment (ICR) plan. The ICR plan offers payments based on the borrower's income with a monthly cap of 20% of discretionary income.
After June 30, 2026, the ICR protection is gone, leaving families with only standard repayment plans and fixed monthly payments based on the total amount borrowed.
“This is important, time-sensitive information for many Michigan families,” said Robin Norton, who serves as Treasury’s student loan ombudsman. “If you have federal Parent PLUS loans, consolidating before the June 30 deadline could save you thousands of dollars and protect you from financial hardship. Eligible borrowers are encouraged to act now; determine if loan consolidation is in your best financial interest and take the necessary steps to secure repayment options.”
Parent PLUS loans can reach $65,000 per student, and many parents owe $100,000 or more. Without income-driven repayment, student loan borrowers risk damaged credit scores, wage garnishment and tax refund or Social Security withholding if they default on their student loans.
Families who act quickly may still benefit from existing repayment options before they disappear. Apply for consolidation as soon as possible, as processing time can be lengthy.
In addition, Parent PLUS borrowers who consolidate their debt before July may still qualify for forgiveness programs like Public Service Loan Forgiveness (PSLF).
Before taking on new Parent PLUS loans, calculate projected payments using the Loan Simulator and consider the long-term impact on your finances. Parents—not students—are legally responsible for repayment.
For more details and resources, visit www.michigan.gov/studentloans/plusloan.
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